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Multinationals and the Gains from International Diversification
Rowland, Patrick F. - 2002
One possible explanation for home bias is that investors may obtain indirect international diversification benefits by … tests to examine the diversification potential of multinational firms and foreign market indices for investors domiciled in … Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. We find that in most countries and most time …
Persistent link: https://www.econbiz.de/10012787511
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Firm Diversification and CEO Compensation : Managerial Ability or Executive Entrenchment?
Rose, Nancy L. - 2000
average 1990 salary gains of $115,000 to $145,000 per year for our sample. Diversification may raise pay because the CEO's job … the diversification premium to be invariant to tenure. Entrenchment models suggest higher premia for more experienced … over an entrenchment explanation. The diversification premium is unaffected by tenure, and increasing diversification …
Persistent link: https://www.econbiz.de/10012788556
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Immigration and Product Diversity
Mazzolari, Francesca - 2010
We study the effects of immigration on the diversity of consumption choices. Data from California in the 1990s indicate that immigration is associated with fewer stand-alone retail stores, and a greater number of large and in particular big-box retailers - evidence that likely contradicts a...
Persistent link: https://www.econbiz.de/10012757528
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The Diversification Discount : Cash Flows vs. Returns
Lamont, Owen A. - 2010
Diversified firms have different values than comparable portfolios of single-segment firms. These value differences must be due to differences in either future cash flows or future returns. Expected security returns on diversified firms vary systematically with relative value. Discount firms...
Persistent link: https://www.econbiz.de/10012763347
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Do Nontraded Goods Explain the Home Bias Puzzle?
Pesenti, Paolo A. - 2010
domestic shares under full diversification. When stock-market data are directly used, the predicted coefficient of home bias …
Persistent link: https://www.econbiz.de/10012763897
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Mentoring and Diversity
Athey, Susan; Avery, Christopher; Zemsky, Peter B. - 2021
This paper studies the forces which determine how diversity at a firm evolves over time. We consider a dynamic model o a single firm with two levels of employees, the entry level and the upper level. In each period, the firm selects a subset of the entry-level workers for promotion to the upper...
Persistent link: https://www.econbiz.de/10013235606
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Industrial De-Diversification and its Consequences for Productivity
Lichtenberg, Frank R. - 2021
diversification declined significantly during the second half of the decade. The mean number of industries in which firms operated … operated. using plant-level Census Bureau data, we show that productivity is inversely related to the degree of diversification …, the lower the productivity of its plants. Hence de-diversification is one of the means by which recent takeovers have …
Persistent link: https://www.econbiz.de/10013230386
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Obfuscation, Learning, and the Evolution of Investor Sophistication
Carlin, Bruce I.; Manso, Gustavo - 2021
Investor sophistication has lagged behind the growing complexity of retail financial markets. To explore this, we develop a dynamic model to study the interaction between obfuscation and investor sophistication. Taking into account different learning mechanisms within the investor population, we...
Persistent link: https://www.econbiz.de/10013228646
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Executive Compensation, Strategic Competition, and Relative Performance Evaluation : Theory and Evidence
Aggarwal, Rajesh K. - 2010
We argue that strategic interactions between firms in an oligopoly can explain the puzzling lack of high-powered incentives in executive compensation contracts written by shareholders whose objective is to maximize the value of their shares. We derive the optimal compensation contracts for...
Persistent link: https://www.econbiz.de/10013135269
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Why Tie a Product Consumers Do Not Use?
Carlton, Dennis W. - 2010
This paper provides a new explanation for tying that is not based on any of the standard explanations -- efficiency, price discrimination, and exclusion. Our analysis shows how a monopolist sometimes has an incentive to tie a complementary good to its monopolized good in order to transfer...
Persistent link: https://www.econbiz.de/10012759900